Hey everyone, it's James at Yoreevo, New York's #1 commission rebate brokerage, with our February 2025 Manhattan Market Update. If you remember last month, there were three concerning trends that we were watching, lower demand, smaller declines in supply, and higher mortgage rates. And all three of those remain concerns in February, and February is a much more important and much busier month than January. First, when we look at demand, we were down 5% in terms of the number of contracts signed, and when we compare to normalized levels of demand, we're basically flat. And you can see here that that is bringing us back to a level not seen since the summer, and quite a big pullback from what we are seeing in the fall. So demand, still a concern. On inventory, we are still seeing declines, but those declines continue to narrow. We were only down 2% year over year, and if this were to flip positive, that's when the market would really have a one-two punch. We would have lower demand, primarily because of higher mortgage rates, and we would have higher supply. So economics 101 tells us that lower demand and higher supply is bad for pricing. And anecdotally, I can tell you that we're seeing more of our buyers who bought four, five, six years ago throw in the towel and put their places on the market. Whatever pressures were initiating the sales conversation continue to build day after day, and slowly but surely, more of them are saying, okay, now's the time, let's actually put it on the market. Their life just dictates some sort of change. And then on mortgage rates, this is the one thing that is seeing one step in the right direction, not a big step. Mortgage rates were down about a quarter of a point. We're in the 6.5 to 6.75 range. This is down from the 7-ish range that we were seeing last month. But this isn't anything to get excited about. Buyers are not too pumped about buying with a 6.5% mortgage, but we'll take what we can get. The next three months are going to be very important. March, April, and May are the busiest months of the year. So what happens during the spring selling season is what the market is doing. So stay tuned for those episodes. And if you are in the market and you want help with your search, you can email us at info@yoreevo.com. We'd be happy to help cater this data to your search and get you a commission rebate for up to 2% on any property in New York City. So thank you for watching and we'll see you next month, bye.